The World Bank’s private-sector investment arm, the International Finance Corporation (IFC), is placing a fresh bet on Africa’s digital economy, committing $25 million in equity to e-commerce giant Jumia Technologies AG. The investment in the New York Stock Exchange-listed company comes at a time when Africa’s digital commerce sector is undergoing rapid transformation, driven by rising internet penetration, smartphone adoption and a growing population of young consumers embracing online shopping and digital payments. As investors eye the continent’s online marketplaces as the next frontier for growth, the funding provides a crucial boost as the company seeks to deepen its presence…
Author: NBM CORRESPONDENT
Kenya Power Managing Director and Chief Executive Officer Dr (Eng) Joseph Siror has called for increased investment in baseload generation to support the growing contribution of solar and wind power to the national grid. Dr. Siror said Kenya must expand reliable generation capacity to manage fluctuations in electricity output from variable renewable energy (VRE) sources and maintain power quality. Speaking during a State of the Grid briefing, Dr. Siror said changes in solar and wind generation can affect the balance between electricity supply and demand, with variations reflected in the system’s frequency and voltage. “Grid stability is dependent on two…
President William Ruto has called on Kenyan leaders to shift their focus from divisive politics to economic development, saying the country’s progress depends on policies that create jobs, lower the cost of living and improve the livelihoods of citizens. Speaking at State House in Nairobi while hosting private security guards, the president urged citizens to invest more effort in economic growth, job creation and national development rather than dedicating excessive time to politics. The president also announced the launch of a national conversation next week, during which citizens will discuss the country’s long-term development and economic prosperity. “Next week, we…
NCBA Group Plc has posted a 12.2 per cent increase in profit after tax to Sh12.4 billion for the six months ended June 2026. The growth was driven by strong lending expansion, rising digital transactions and higher customer deposits despite a challenging macroeconomic environment. The lender’s half-year financial results released on Wednesday show operating income rose 15.1 per cent year-on-year to Sh40.7 billion, while profit before tax grew 14.3 per cent to Sh15.5 billion. Customer deposits increased by 11 per cent to Sh551 billion, with total assets rising 11.5 per cent to Sh739 billion. The board declared an interim dividend…
China and Ukraine offered the highest average prices for Kenyan coffee sold directly to overseas buyers in the quarter ended March 2026, overtaking traditional premium markets such as Singapore and Hungary. The shift points to new opportunities for Kenyan coffee growers and exporters seeking higher-value international markets. Data from the Agriculture and Food Authority (AFA) shows China paid an average of $646.07 (Sh83,601) per 50-kilogramme bag during the three months, followed by Ukraine at $598.18 (Sh77,404), Australia at $597.63 (Sh77,333) and Hungary at $578.49 (Sh74,857). Somalia recorded the lowest average price at $250 (Sh32,350) per bag. Kenyan coffee is exported…
Tired of just getting headlines? This is the real story behind Kenya’s biggest business moves. The August 2026 edition of Nairobi Business Monthly is now available, and it’s packed with exclusive insights, hard-hitting analysis, and untold stories that you simply won’t find anywhere else. For the price of a lunch, you can get the full picture. And for a limited time, you can get it for even less! Download your copy now at epaper.nairobibusinessmonthly.com for just Ksh 150 (down from the regular Ksh 200). Here’s a sneak peek at what’s inside this month’s issue: 💥 The Fall of a Hospitality…
A new growth initiative designed to turn Hustler Fund borrowing discipline into long-term business growth was launched in Mombasa today, marking the start of a six-month pilot running from July to December 2026 across Mombasa, Uasin Gishu and Nyeri counties. Christened the ‘Tukuze Hub’, the initiative was unveiled at the Hustler Fund Baraza, held at the Hustler Fund Social Hall in Mombasa, a forum billed by the Fund as going beyond a traditional government event to celebrate responsible borrowers, strengthen financial literacy and connect entrepreneurs to opportunities that support business growth. The Baraza brought together Hustler Fund leadership, national and…
The Ethics and Anti-Corruption Commission (EACC) has called on public institutions to embrace Artificial Intelligence (AI) and data analytics to strengthen efforts in the fight against corruption. Speaking during the 38th National Council on the Administration of Justice (NCAJ) meeting in Mombasa, EACC Chief Executive Officer Abdi Mohamud said digital technology would improve the detection, investigation and prosecution of corruption cases. He said the move was aimed at increasing transparency, accountability and efficiency in the justice sector. Mohamud said digital systems should become an important part of the daily operations of justice institutions. “Technology is now the biggest enabler for…
KCB Bank Kenya has secured Sh12.9 billion from the European Bank for Reconstruction and Development (EBRD) to provide financing to businesses owned by women and young people, as well as firms investing in environmental projects. The bank, which is part of KCB Group, said 35 percent of the funding will support enterprises run by women and youth, while 30 percent will go towards green projects aimed at helping businesses adopt climate-friendly technologies and sustainable practices. The facility marks the EBRD’s first investment in Kenya’s banking sector since the institution was established in 1991. “By partnering with KCB Bank, we are…
Standard Chartered Bank Kenya has paid pension dues to 522 of 629 former employees who won a long-running retirement benefits dispute, following a Supreme Court decision delivered in September 2025. By May 2026, the bank had paid 83 per cent of the claimants, while the remaining cases were pending submission or verification of the required documentation. The payments follow fresh retirement-benefit demands from former employees who were not part of the original 16-year legal battle that resulted in the Supreme Court ruling. The lender said in November 2025 that it had incurred Sh7.2 billion in settling the entitlements of the…
